GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.39% against the USD and closed at 1.5509, after the Bank of England (BOE) minutes of meeting indicated that officials considered more bonds purchases to keep borrowing costs capped.
The BOE minutes released yesterday, showed that all the Monetary Policy Committee members voted to keep the key interest rates unchanged at 0.5%, while eight committee members voted to keep the assets purchasing quantity steady at £200 billion, and one member voted against the proposition.
In the economic news, the public sector net borrowing in the UK rose to £13.2 billion in August.
The pair opened the Asian session at 1.5509, and is trading at 1.5452 at 3.00GMT. GBP is trading 0.36% lower versus USD from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.5643, followed by the next resistance at 1.5834. The first support is at 1.5357, with the subsequent support at 1.5261.
Trading trends in the pair today are expected to be determined by release of industrial order expectations data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
